Memecoins that seeks to replicate Dogecoins success heavily rely on community-driven progress.
Dogecoin was created in 2013 as a joke but gained immense popularity in 2020
Dogecoin was originally created as a joke intended for those obsessed with cryptocurrency and took its name from a popular meme featuring the face of a Shiba Inu dog. Created in 2013, the crypto-asset never really took off among a sea of newer altcoins, but shot into prominence in 2020 mostly due to endorsements from celebrities and entrepreneurs such as Tesla CEO Elon Musk, Dallas Mavericks owner Mark Cuban, and even rapper Snoop Dogg.
In a bid to replicate DOGE's success trail, there are now several similar 'memecoins' trying to garner investor attention and take the crypto-world by storm. The most prominent Doge replica making waves at the moment is Shiba Inu or SHIB — designed after the same breed of Japanese dogs that the Dogecoin mascot belongs to. But, there are several others too, all with similarly themed names, but each trying to cut away from the crowd.
Since we've already heard about Shiba Inu, it's only fair that we start off by delving a tad deeper into how it came into being. But there are few more DOGE-theme altcoins that have been making the news too, and here's all about them.
Shiba Inu launched under the Ethereum blockchain's ERC-20 standard back in 2020 and trades on the decentralised Uniswap network. Created by an anonymous founder known as "Ryoshi," the self-proclaimed “Dogecoin killer,” as per its whitepaper says that SHIB's “Shiba Inu Ecosystem” — which includes the ShibSwap exchange and a decentralised SHIB Army of developers, coin holders, and fans — was an experiment in “spontaneous community building.” SHIB, currently has a circulating supply of 394,796 billion as per CoinMarketCap and is certainly the most prominent of memecoins after Dogecoin.
Kishu Inu is one of the newer DOGE-like altcoins. Launched in April 2021, it's “fully decentralised and owned by its fun, vibrant community.” The project promises instant rewards for users. KISHU holders will receive 2 percent of every transaction in the network. This approach guarantees that users earn more rewards the more they actively use KISHU tokens, fostering increased community usage and a healthy distribution ecosystem.
The platform offers a Uniswap-powered decentralised exchange (KISHU Swap), which facilitates the swapping of any ERC20 token among token holders.
Similar to most of the other names that have made it to the elite list of strong DOGE-copycats, UnderDog is a community-based project with a special burn and reward mechanism.
This means that for every transaction that goes down on the UnderDog chain, a 5 percent transaction fee is imposed, leading up to a reward of 4 percent that is sent to all the holders and 1 percent for the burn. It trades on PancakeSwap and has a maximum supply of 1 billion coins.
Floki Inu coin is an altcoin inspired directly by Elon Musk's Shiba Inu-breed pet, named "'Floki." The crypto-asset's website claims the coin was created by fans and members of the Shiba Inu community. The website reads: “Floki Inu is inspired by #DogeFather Elon Musk's very own Shiba Inu.”
The digital coin's platform also claims to be the only cryptocurrency project official partnered with “#DogeFather's brother Kimbal Musk's Million Garden's Movement.”
Another one among the newer DOGE-inspired coins, Husky Coin proudly acknowledges its roots by stating that its creation was “inspired by Elon Musk and Dogecoin.” In fact, the project's website reads that Husky is the “little brother of Dogecoin.”
It's also a meme-based invention, which began as an “experiment” to be driven by a decentralised community. Meaning there are “no founders, no team tokens.” The developers have locked 45 percent of the total supply to Uniswap and 5 percent team token and “threw away the keys.” The remaining 50% was “burned” to Vitalik Buterin — the co-founder of Ethereum.
Husky promises that “as long as Buterin doesn't rug us,” it will continue growing, surviving, and developing.
Often confused as Dogecoin itself, this one sees itself as a "greener" cousin to Dogecoin. The more eco-friendly crypto runs on Stellar and aims to offer faster transaction speeds and lower cost per transaction, without skimping on security.
Doge Token claims it's impossible to be the victim of a 51 percent attack, which makes it technically "invulnerable." The only downside is that DOGET can't be bought directly for fiat. You'll first have to buy Bitcoin and then exchange it for Doge Tokens.
Doge Killer is another famous dogecoin clone that witnessed a certain growth in September 2021. It operates on the Ethereum blockchain. The real appeal to this coin is its scarcity because it has an extremely small supply of 1,07,647 coins, which also makes it highly volatile.
What Is Doge Killer? Is it a Real Challenger to Dogecoin?
Doge Killer is known to have a handful of whale accounts that can influence the pricing in the market dramatically.
DogeFi is a tad different from all the other seemingly "community-driven" altcoins. DOGEFI is a gamified community that creates opportunities for its members to participate in price arbitrage and grants access to exclusive yield farming projects. DogeFi has a circulating supply of 1,000,000 coins and can be traded on Cointiger.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.